WebJul 7, 2024 · Not only are people experiencing ERC refund delays, the IRS is severely backlogged on pretty much everything. According to Accounting Today, the IRS was staring down 8 million tax returns that had yet to be processed all the way back in 2024. When asked what caused such a jam, the IRS cited pandemic and staffing issues. WebWe have been told time and time again by many who are processing these claims that they just do not have the time for it, while still wanting to service all of their clients’ needs. As an office, we are currently processing over 200 ERC claims a week, and have had great success in assisting businesses with these claims.
Employee retention credit: Opportunities remain - Journal of ...
WebMar 7, 2024 · The ERC is a refundable tax credit designed for businesses who continued paying employees while shut down due to the COVID-19 pandemic or who had significant … WebJan 10, 2024 · When initially introduced, this tax credit was worth 50% of qualified employee wages but limited to $10,000 for any one employee, granting a maximum credit of $5,000 … crystal allen author website
IRS provides guidance for employers claiming the Employee Retention …
WebMar 8, 2024 · The Top Ten Mistakes and Misunderstandings Surrounding the ERC 1. I can’t claim ERC if I’ve already claimed PPP (or gotten my PPP loans forgiven) Now you can … WebOct 21, 2024 · You also need to speak up if you believe that you have already been pulled into a potentially fraudulent scheme, since you may need to file corrected returns. If you have information about tax-related illegal activities relating to ERC claims, the IRS encourages you to submit Form 3949-A, and report fraud and IRS-related phishing … WebMar 16, 2024 · Tax Strategy: The IRS is still concerned about ERC claims By Mark A. Luscombe March 16, 2024, 9:00 a.m. EDT 6 Min Read Refundable tax credits have long been an area for potential abuses of the tax system, given the opportunity to get money back from the government in excess of the federal income taxes owed. dutch whistleblowers authority